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Non-Compete Agreement
A non-compete agreement is between an employer and an employee, requiring the latter to agree not to work for any competing organization during or after employment. Prohibited actions under such an agreement could include:
- Starting a new business in the same industry
- Taking another job
- Signing another contractor
- Working for a competing business
- Working within a specific distance of a business location
Various industries may use non-compete agreements, but new legislation may prevent their enforcement in the future. In the spring of 2024, the Federal Trade Commission issued its Final Rule that banned most instances of non-compete agreements, but the rule was overturned in August 2024. Additional information will be shared as it becomes available.
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Non-Disclosure Agreement
A non-disclosure agreement (or NDA) is a contract between a group or individual wanting to protect sensitive information and an individual or group with access to that information. Other terms include non-disclosure contract and confidential disclosure agreement. The document restricts what information can be shared with others. Examples of sensitive information that might be protected…
Net Pay
Net pay refers to the amount of earnings after withholding sand deductions have been taken out. It is equal to the sum of gross pay minus deductions. Other terms include “take-home pay” and “net income.”
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